Foreign Trade Zone
The Greater Hartford Foreign Trade Zone (Foreign Trade Zone #71) offers importers and exporters the advantages of operating in a site within the U.S. where foreign and domestic merchandise are considered as not being within the U.S. customs territory, but in international commerce.
Operating within a foreign trade zone offers the following duty and tax relief:
- If the final product is exported from the U.S., U.S. Customs or excise tax is paid.
- If the final product is imported into the U.S., U.S. Customs duty and excise taxes are due at the time of transfer from the trade zone only on the product itself or its imported parts, whichever is lower.
Locating your operation in a trade zone offers many advantages to manufacturers, processors, importers and exporters. In the Greater Hartford Foreign Trade Zone, you can:
- Store goods free of duty, tax or bond.
- Avoid quotas when you manufacture, repackage, process, assemble, test, clean, repair and relabeled goods for re-export.
- Apply the “Made in U.S.A” label if the value added in the trade zone is over 50%.
- Avoid duties and quotas on materials lost in the manufacturing process.
- Inspect goods and all papers, licenses and permits before paying duties.
The Greater Hartford Foreign Trade Zone offers:
- Secure, fireproof warehousing
- Experienced Foreign Trade Zone staff
- Foreign Trade Zone subzone possibilities
The Town of Windsor Locks Economic and Industrial Development Commission (EIDC), Grantee of Foreign Trade Zone #71, has announced that the U.S. Foreign Trade Zone Board has approved an application to authorize the Zone as an Alternative Site Framework location. The program allows for a broader scope of potential locations, in addition to the original site in Crown Industrial Park in Windsor Locks, CT, and the recent expansion to an additional 390 Acre site in the New England Tradeport owned by Griffin Land in Windsor and East Granby, CT.
The new program extends potential use of new Zone sites to Hartford, Litchfield, Middlesex, Tolland and Windham Counties, up to a total of 2,000 Acres in aggregate. As part of the program, new users pay an initial access fee of only $7,500.00 and an annual fee of $5,000.00 thereafter. As per FTZ regulations, these fees are used to cover the costs of maintaining and administering FTZ #71.
For more information contact: Dan Carstens, Zone Administrator, email@example.com or at 860-306-3214.